November 19, 2012 By Jonathan Ping 7 Comments. The IRS recently announced increased contribution limits for various qualified retirement plans for tax year 2013. The limitations are indexed to increases in cost-of-living (inflation) as per section 415 of the tax code.In particular, the elective deferral (contribution) limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal governmentâs Thrift Savings Plan is increased from $17,000 to $17,500.However, the additional catch-up contribution allowed for those age 50 and higher remains $5,500.ovember 19, 2012 By Jonathan Ping 7 Comments. The IRS recently announced increased contribution limits for various qualified retirement plans for tax year 2013. The limitations are indexed to increases in cost-of-living (inflation) as per section 415 of the tax code.
Jones rejected the ruling and imposed a penalty more than 15 times larger. Although, under Insurance Commissioner Steve Poizner four years ago California sought a penalty of nearly $10 billion against the insurer, a fine that didnât stand. UnitedHealth in July sued Jones to block the massive fine, which is considered unprecedented in size. California Insurance Commissioner Dave Jones.
The penalty for uninsured children in 2014 is $47.50 per child, with a maximum per-family penalty of $285. In 2015, the penalty increases to the higher of 2% of your annual income or $325 per adult. By 2016, the penalty goes up to 2.5% of income or $695 per adult, with a maximum penalty of $2,085 per family. After 2016, the amount of the penalty will be adjusted for inflation. The amount of the annual penalty is based on the number if days or months you go without health insurance after March 31. If you have insurance for part of the year, the penalty will be prorated and if you are covered for at least 9 months during the year, you will not pay a penalty.